Botswana’s president aims to complete a deal to take a majority stake in De Beers by the end of next month, even as his administration and other potential buyers continue negotiations with the diamond company’s controlling shareholder.

Anglo American is looking to divest its 85% stake in De Beers, which mines most of its gems in the southern African nation, as part of a restructuring process that began 16 months ago. The London-listed miner has waited to sell its diamond unit amid a prolonged slump in the natural stones market, which is grappling with fierce competition from much cheaper lab-grown alternatives. Anglo has received interest from other buyers and a deal with Botswana hasn’t been finalised.

A spokesperson for Anglo — which wrote down the value of De Beers to $4.9-billion in February — said the company “continues to engage” with Botswana “as our partner in De Beers.” The government already owns the remaining 15% of the diamond firm.

Botswana is in talks with a sovereign wealth fund in Oman among others to help finance an acquisition that would lift the state’s interest in De Beers above 50%, President Duma Boko said.

“We are more than ready for the transaction and we’ve said the transaction must be concluded by the end of October,” Boko said in an interview in New York. “It’s a matter of economic sovereignty for Botswana.”

The Oman Investment Authority didn’t respond to an email seeking comment.

Diamonds, which account for 80% of export sales and about a third of government revenue, have been the bedrock of Botswana’s economy for decades. The downturn in gem prices is likely to result in the economy contracting for a second successive year in 2025, according to S&P Global Ratings, which this month cut the country’s long-term sovereign credit rating.

The economic crisis prompted Boko – who was voted into power in October – to declare a public health emergency on August 25. The prolonged downturn in diamond sales has caused funds for medical supplies to dry up.

De Beers vies with Russia’s Alrosa to be the world’s largest producer of diamonds. Omani state-backed fund Maaden International Investment acquired Alrosa’s stake in a diamond-mining venture in Angola 11 months ago.

Anglo has received indications of interest from potential buyers including two former chief executive officers of De Beers, Bloomberg reported in June. The mining giant is examining options for an initial public offering or demerger of the unit, but would prefer to complete a sale.

Botswana wants control of De Beers to exercise greater sway over the entire international supply chain, particularly to emphasise the superiority of natural diamonds, Boko said. He urged anyone “who is in love and who wants to get married” to shun engagement rings with synthetic stones.

Prices should recover, “but obviously it will also be a function of proper marketing and differentiation in the market,” he said.

Boko’s government is in talks with the US — the biggest buyer of natural gems — to remove tariffs on diamonds, and the president expects to meet Commerce Secretary Howard Lutnick to discuss the matter.

“I am confident that by the end of the year they would have achieved that,” Boko said.